Mexican theater chain Cinepolis buys Spain's Cines Yelmo

Mexico's Cinépolis, the largest operator of movie theaters in Latin America and fourth-largest in the world, said it acquired Spain's Cines Yelmo for an undisclosed amount.

"For 12 years, we have been operating in international markets as diverse as Central America, the United States and India. What we have learned will be translated by taking our best practices to the attractive Spanish market," Cinépolis chief operating officer Miguel Mier said in a statement.

The deal will help Cinépolis increase the number of screens it operates from 3,934 to 4,348.

Cinépolis was founded in 1971 in Morelia, the capital of the western state of Michoacán, and currently has a 65.3 percent market share in Mexico, where it operates in 98 cities.

The has movie theaters in Guatemala; Panama; Costa Rica; El Salvador; Honduras; Colombia; Brazil; Peru; Chile; and India.

Cinépolis operates theaters in two U.S. states - California and Florida.

The company owns 467 movie theaters and employs 28,541 people